Under monopolistic competition, new firms are barred from entering the industry in the long run.
Answer the following statement true (T) or false (F)
False
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Consider the utility function 
. If 
, the elasticity of substitution is equal to 
.
Answer the following statement true (T) or false (F)
The ________ is calculated as the number of people ________ divided by the labor force multiplied by 100
A) unemployment rate; unemployed B) employment-to-population ratio; unemployed C) employment rate; employed D) employment-to-population ratio; in the working age population
Enforcement of property rights is likely to result in: a. more incentives to invest
b. lower rates of economic growth. c. political instability. d. corruption.